What Credit Score is Needed to Buy a Home?

FICO scores, commonly called credit scores, are a statistical gauge of an individual's ability to repay a loan. Your credit score is a key consideration in any loan process. It is the primary factor lenders use to determine how much they will loan a borrower and the interest rate. In [...]

2022-06-28T15:42:18+00:00June 27th, 2022|Home Mortgage|

The Differences in Closing Costs and Prepaids

When purchasing a home, buyers are responsible for paying closing costs and prepaids. The difference between the two can often be confusing, especially since they are paid when closing on a home purchase. Here’s what you need to know so you’re prepared for closing day. Closing Costs vs. Prepaids: What’s [...]

2022-05-09T13:53:31+00:00May 7th, 2022|Home Mortgage|

How Rising Interest Rates Impact Real Estate

Most buyers, particularly first-timers, will probably borrow money to purchase a home or other real estate property. The process consists of working with a lender to qualify for a home loan at a specific interest rate for a set amount of time. The homeowner is then responsible for making regular [...]

2022-04-05T18:01:37+00:00March 30th, 2022|Home Mortgage|

Pros and Cons of Paying Off a Mortgage Early

Soon after signing mortgage loan documents that lock in a 15- or 30-year debt, homeowners dream about paying off the debt early to get rid of the monthly burden. But, even if you could pay the mortgage off early, is it a good idea? When Considering Paying Off a Mortgage [...]

2022-02-09T19:42:05+00:00February 9th, 2022|Home Mortgage|

What Are the Requirements for a Mortgage Pre-Approval?

A pre-approval letter is a document from a lender based on certain assumptions, stating the maximum the lender is willing to lend to purchase a home. When applying for a mortgage pre-approval, the lender typically requires information about your credit, employment, income, debts, and assets to determine your creditworthiness. Documents [...]

2021-12-17T20:34:50+00:00December 7th, 2021|Home Mortgage|

What is the Difference Between Pre-Qualified and Pre-Approved for a Mortgage?

As you prepare to purchase a new home, you'll hear the terms "pre-qualified" and "pre-approved." These are key steps in the mortgage application process. However, there are important differences in the two terms that every homebuyer needs to understand. Briefly, being pre-qualified is a first step in the mortgage process [...]

2021-12-21T20:49:48+00:00December 1st, 2021|Home Mortgage|

Refinance or Pay Extra Toward Your Mortgage: Which is Better?

U.S. mortgage rates are well below 3%. When rates are this low, refinancing becomes a desirable option for many homeowners. Lowering monthly payments and saving on long-term interest makes financial sense for many borrowers. However, there are several scenarios where paying extra toward your mortgage is preferable. For example, many [...]

2021-12-29T15:52:15+00:00September 25th, 2021|Home Mortgage|
Go to Top